Professor Isaac Muthure Macharia is to take over the role of Equity Group’s Board Chair as David Ansell retires from the board. The transition was announced during the bank’s virtual Annual General Meeting after the director attained age seventy and opted not to seek re-election.
“…note the retirement of Mr. David Ansell, a Director who having attained the age of seventy years retires in accordance with the terms of paragraph 2.5 of the Capital Markets Code of Corporate Governance Practices for Issuers of Securities to the Public 2015 and who although eligible, does not offer himself for re-election” read the 2019 integrated report presented to shareholders.
Speaking on the retirement, David Ansell said, “I have enjoyed working with the Board of Management of the Group and subsidiaries to deliver on the mission and vision of the organization, and I am very proud of what we have achieved together.”
Ansell took over from Founding Chairman Peter Munga in 2018, who had served the bank group for 35 years.
Before his position as Equity Group Chair, Isaac Macharia served as the bank Group’s non-executive chair. Macharia holds a Masters in Otorhinolaryngology and a Bachelor of Medicine and Surgery from the University of Nairobi. He will bring a wealth of experience in strategic planning and business development, owing to his other engagements as chair of Jadala Investment.
Equity shareholders also approved the re-election of Non-Executive Director Evelyn Rutagwenda and Director Christopher Newson, who offered themselves for re-election.